Trading in the world’s second-largest IPO of 2024 begins on Tuesday, but retail investors have already given a lukewarm reception to the $3.3bn listing of Hyundai Motor India, amid a slowdown in car sales in the country.
The retail segment of the Mumbai offering was only 50 per cent subscribed last week as many baulked at the $19bn valuation for the Korean carmakers’ India unit, despite a publicity blitz that saw wraparound front-page adverts emblazoned across India’s financial newspapers.
By last Thursday’s cut-off, the Rs278.7bn issue had drawn bids just over two times the amount offered, shored up by institutional investors that had included Singapore’s government, the BlackRock investment company and Fidelity and Vanguard funds.
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